You just started your business--who has time to think about an
exit strategy? If you're putting off making such plans,
you've committed a very common legal mistake, says Alan S.
Kopit, partner at Hahn Loeser & Parks LLP in Cleveland and
advisor to Lawyers.com. "Now is the time to decide those
issues--not after a problem develops," he says. Here, Kopit
runs down a few more common legal blunders to avoid:

Failing to get good advice:
Don't ever go it alone. Instead, Kopit suggests entrepreneurs
enlist the services and counsel of a good lawyer, an accountant and
an insurance agent at the very beginning of their start-up
ventures. "Younger [entrepreneurs] particularly need people to
bounce their ideas off of," he says.

Neglecting important employment
considerations: Hiring issues are a major legal
consideration for start-ups. Consider whether you need a written
noncompete contract with employees, whether you'll use
independent contractors and so on.

Selecting the wrong business
structure: Should you classify your business as a sole
proprietorship, an LLC, an LLP or a corporation? "There are
tax implications that go along with [each choice]," cautions
Kopit. Be sure to weigh each option with the help of your advisors
to determine which form will best serve your business plan.

For more information, log on to Lawyers.com and get a free copy
of Kopit's handbook, Getting Started on Your Legal
Legwork.